Qorvo Inc (QRVO) PT Raised to $80 at Mizuho Securities

Mizuho Securities analyst Vijay Rakesh raised the price target on Qorvo Inc (NASDAQ: QRVO) to $80.00 (from $70.00) while maintaining a Neutral rating.

The analyst commented, "Qorvo reported much stronger SepQ rev/EPS of $807M (cons $755M) and guided to a better DecQ at $850M/$1.67 (cons $761M/$1.35); with 1) shipments to Huawei restarted, ~$10M in SepQ, under the ban; and 2) iPhone and Samsung upside. Looking into 2020, QRVO noted upbeat commentary with ~200-300M 5G phones driving incremental $6-7 content and base station opportunity. Adjusting estimates and maintaining our Neutral, but raising our PT to $80 (prior $70). We would look for a more attractive entry point, although we are constructive on 5G into 2020 with some of the trade restrictions potentially behind."

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